Tax Laws Amendment (Research and Development) Act 2011 (93 of 2011)

Schedule 2   Innovation Australia's role

Part 1   Main amendment

Industry Research and Development Act 1986

27F   Examining a registration

(1) The Board may conduct one or more examinations of all or part of an R&D entity’s registration under section 27A for an income year for the purposes of making one or more findings under subsection 27J(1).

Note: A finding under subsection 27J(1) will support the entity’s registration, or cause the variation of that registration.

(2) The Board may examine an R&D entity’s registration on its own initiative.

(3) The Board must examine an R&D entity’s registration if:

(a) requested by the Commissioner; or

(b) the R&D entity has applied for one or more findings under subsection 27J(1) about the registration.

Note: A finding under subsection 27J(1) can only bind the Commissioner for the purposes of the R&D entity’s income tax assessment for the income year if the finding is made within 4 years after the end of the income year (see subsection 355-705(1) of the Income Tax Assessment Act 1997).

(4) If the R&D entity applies for a finding under subsection 27J(1) about the registration, the Board must:

(a) make one or more findings under subsection 27J(1) about the registration; or

(b) if justified in accordance with the decision-making principles - refuse to make a finding under subsection 27J(1) about the registration.

Note 1: The Board may make a finding that differs from that sought by the R&D entity.

Note 2: A finding, or a refusal to make a finding, is reviewable (see Division 5).

Note 3: Section 32A deals with the decision-making principles.